Correlation Between Shijiazhuang Yiling and Cultural Investment
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By analyzing existing cross correlation between Shijiazhuang Yiling Pharmaceutical and Cultural Investment Holdings, you can compare the effects of market volatilities on Shijiazhuang Yiling and Cultural Investment and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Shijiazhuang Yiling with a short position of Cultural Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shijiazhuang Yiling and Cultural Investment.
Diversification Opportunities for Shijiazhuang Yiling and Cultural Investment
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shijiazhuang and Cultural is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Shijiazhuang Yiling Pharmaceut and Cultural Investment Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cultural Investment and Shijiazhuang Yiling is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Shijiazhuang Yiling Pharmaceutical are associated (or correlated) with Cultural Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cultural Investment has no effect on the direction of Shijiazhuang Yiling i.e., Shijiazhuang Yiling and Cultural Investment go up and down completely randomly.
Pair Corralation between Shijiazhuang Yiling and Cultural Investment
Assuming the 90 days trading horizon Shijiazhuang Yiling Pharmaceutical is expected to under-perform the Cultural Investment. But the stock apears to be less risky and, when comparing its historical volatility, Shijiazhuang Yiling Pharmaceutical is 2.16 times less risky than Cultural Investment. The stock trades about -0.04 of its potential returns per unit of risk. The Cultural Investment Holdings is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 308.00 in Cultural Investment Holdings on September 14, 2024 and sell it today you would lose (63.00) from holding Cultural Investment Holdings or give up 20.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Shijiazhuang Yiling Pharmaceut vs. Cultural Investment Holdings
Performance |
| Timeline |
| Shijiazhuang Yiling |
| Cultural Investment |
Shijiazhuang Yiling and Cultural Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shijiazhuang Yiling and Cultural Investment
The main advantage of trading using opposite Shijiazhuang Yiling and Cultural Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shijiazhuang Yiling position performs unexpectedly, Cultural Investment can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Cultural Investment will offset losses from the drop in Cultural Investment's long position.| Shijiazhuang Yiling vs. BeiGene | Shijiazhuang Yiling vs. Kweichow Moutai Co | Shijiazhuang Yiling vs. Beijing Roborock Technology | Shijiazhuang Yiling vs. G bits Network Technology |
| Cultural Investment vs. Industrial and Commercial | Cultural Investment vs. China Construction Bank | Cultural Investment vs. Agricultural Bank of | Cultural Investment vs. Bank of China |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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